Assets Cash IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity pe here to search IKIBAN INC. Income Statement For Year Ended June 30, 2019 2019 2018 $ 94,900 $ 65,000 96,500 72,000 84,800 118,000 6,500 9,600 282,700 264,600 145,000 136,000 (37,500) (19,500) $390,200 $381,100 8,100 5,500 $ 46,000 $ 61,500 19,200 8,000 59,600 88,700 51,000 81,000 110,600 169,700 262,000 181,000 17,600 30,400 $390,200 $381,100 Sales $783,000 Cost of goods sold 432,000 Gross profit 351,000 Operating expenses Depreciation expense $79,600 Other expenses 88,000 Total operating expenses 167,600 183,400 Other gains (losses) Gain on sale of equipment 4,100 187,500 Income before taxes Income taxes expense Net income 45,990 $141,510 Additional Information a. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $78,600 cash. d. Received cash for the sale of equipment that had cost $69,600, yielding a $4,100 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. < Prev 8 of 8 EPIC